Moreover, the unemployment rate in the energy sector dropped to
5.4% in August, a huge drop from July's 9.3%, according to the
latest jobs report from the BLS. And
energy employment is trending higher.

As such, Deutsche Bank's chief international economist, Torsten
Slok, declared in an email to clients that "the negative effects
of lower oil prices on the energy sector are behind us."

He also shared the chart below, which shows energy employment and
the unemployment rate for the energy sector. (Mind the double
y-axis.)Deutsche Bank

We should note that
Friday's jobs report also showed that employment in the
mining and logging sector continued to fall.

Employment dropped by 4,000 in August, which was the smallest
decline in absolute terms this year. However, the report noted
that losses were concentrated entirely in mining — the category
that includes the oil industry and, more specifically, the oil
drillers.

"Job losses in mining have moderated in recent months as economic
indicators for the industry have shown mixed results," the BLS
report noted.

Bureau of Labor Statistics

Moreover, crude oil had been having its one of its
worst weeks since January, falling about 9% from Monday to
Thursday, to around $43.43 a barrel. Although as of Friday at
10:36 a.m. ET, prices have rebounded slightly, to about $44.14 a
barrel.